Los Angeles developer and former mayoral candidate Rick Caruso has launched a coalition of private business executives aimed at helping the rebuilding process after the most destructive wildfires in California history tore through the city, destroying approximately 11,000 buildings.
“With the government providing the tools and the private sector bringing urgency, expertise, and hard work, we can cut through red tape, lay foundations, and make sure these communities don’t just come back, but come back stronger,” Caruso said in a statement.
Caruso named Najla Kayyem executive director of the group, called Steadfast LA. Kayyem worked with Caruso as vice president of marketing at his eponymous development firm in 2007 and was most recently senior vice president of marketing at Pacific Retail Capital Partners, where she helped develop and promote mixed-use properties for a decade. Kayyem hinted at her new role in a Sunday LinkedIn post, noting she was moving into her "next leadership role."
Members of the coalition — including executives from Amazon, CBRE, ESRI, Oaktree Capital Management and Netflix — are calling for “public and private collaboration at an unprecedented scale." They will make policy proposals and work with city and county officials to “turn into action and results,” according to Caruso.
Steadfast LA joins a separate public effort underway to manage the rebuilding process. Mayor Karen Bass hired real estate development executive Steve Soboroff to serve as the chief recovery officer for the city’s rebuild and recovery effort.
The rebuilding process has already begun, with federal agencies working to remove and dispose hazardous materials. The next phase will involve debris removal coordinated by the Federal Emergency Management Agency, a process that could take up to 18 months before construction can begin, according to the U.S. Army Corps of Engineers.
Public, private plans
Caruso's group notes the challenge of rebuilding parts of Los Angeles County is "simply too vast for the government to handle alone."
The nonprofit aims to "cut through delays, encourage action, and develop solutions by bringing together the brightest minds in real estate, finance, construction, infrastructure, and more to fight for the city and deliver results," according to the statement.
Soboroff, meanwhile, is charged with recommending a comprehensive city strategy for rebuilding and expediting the safe return of residents, workers, businesses, schools, nonprofits, libraries and parks in areas devastated by the fires.
The task is personal for Soboroff, who raised his family in the Pacific Palisades neighborhood, where fires burned nearly 24,000 acres, damaging thousands of homes and businesses.
As CEO and chairman of Playa Vista, Soboroff spearheaded the development of an entirely new Los Angeles neighborhood. He also helped develop the Staples Center, now known as the Crypto.com Arena.
“We are not going to rebuild to have this happen again,” Soboroff said at a press conference in late January. “We are going to rebuild with materials dated 2030, even though it’s 2025.”
Soboroff's plans include an app that will allow displaced residents to track the progress of their home as it is remediated and rebuilt. Although the city will be cutting red tape to speed the process, it will be sticking to the latest fire codes and fireproofing standards, including no attics, more native plants and underground utilities.
It's also personal for Caruso, who owns a shopping center in Pacific Palisades; he hired private fire fighters to help protect the Palisades Village property in the heart of town.
Caruso's Steadfast LA group includes representatives from a variety of Los Angeles business sectors, including Gensler Co-chair Andy Cohen and Netflix CEO Ted Sarandos.
Other members are:
- Amazon Prime Video and Amazon MGM Studios Head Mike Hopkins
- CBRE President of Advisory Services Lew Horne
- Oaktree Capital Management Director and Head of Residential Investments Jason Keller
- Venbrook Insurance Services President Greg Econn
- JPMorgan Private Bank West Region Head Olivier de Givenchy
- Former U.S. Ambassador to the Bahamas Nicole Avant
- McKinsey Senior Partner Harry Robinson
- Caruso CEO Corinne Verdery
- Esri President Jack Dangermond
- Upfront Ventures General Partner Kobie Fuller
- Palantir Cofounder Joe Lonsdale
- Upland Workshop Founder and CEO Adam Mendelsohn
- Latham & Watkins Attorney George J. Mihlsten
- Parsons Corp. Chair, President and CEO Carey Smith